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After some murmurings last week that Waterloo, ON based BlackBerry was looking to go private in order to better restructure the company as it struggles to regain its foothold in mobile smartphone market it once pioneered, news today of more aggressive measures including the sale of the company are being explored.

BlackBerry says its board has launched a formal review of "strategic alternatives" to fix the ailing company and among these alternatives is the sale as a whole or in part of the company. The end result of the review could be BlackBerry forming joint ventures, strategic partnerships or a sale of BlackBerry. In other words, all offers are on the table.

BlackBerry attempted to make a comeback this year with the year-late launch of its BlackBerry OS 10 devices and operating systemr. The company launched three new smartphones but sales haven't been stellar and the company continues to struggle in a highly competitive mobile economy ruled by Apple and Samsung.

“As the Special Committee focuses on exploring alternatives, we will be continuing with our strategy of reducing cost, driving efficiency and accelerating the deployment of BES 10, as well as driving adoption of BlackBerry 10 smartphones, launching the multi-platform BBM social messaging service, and pursuing mobile computing opportunities by leveraging the secure and reliable BlackBerry Global Data Network,” BlackBerry CEO Thorsten Heins said in a statement.

For Canadians, this news is painfully reminiscent of what happened to Nortel Networks right before that company folded. BlackBerry, then known as Research In Motion, was the most valuable stock in the Toronto Stock Exchange. Below is the full press release from BlackBerry

BlackBerry Board of Directors Announces Exploration of Strategic Alternatives

WATERLOO, ONTARIO–(Marketwired – Aug. 12, 2013) - BlackBerry Limited (NASDAQ:BBRY)(TSX:BB), a world leader in the mobile communications market, today announced that the Company’s Board of Directors has formed a Special Committee to explore strategic alternatives to enhance value and increase scale in order to accelerate BlackBerry 10 deployment. These alternatives could include, among others, possible joint ventures, strategic partnerships or alliances, a sale of the Company or other possible transactions.

The Special Committee of the Board is comprised of Barbara Stymiest, Thorsten Heins, Richard Lynch and Bert Nordberg, and will be chaired by Timothy Dattels.

With the announcement of the Special Committee, Prem Watsa, Chairman and CEO of Fairfax Financial informed the Company that he felt it was appropriate to resign due to potential conflicts that may arise during the process. Fairfax Financial is the largest BlackBerry shareholder. Mr. Watsa said, “I continue to be a strong supporter of the Company, the Board and Management as they move forward during this process, and Fairfax Financial has no current intention of selling its shares.”

“During the past year, management and the Board have been focused on launching the BlackBerry 10 platform and BES 10, establishing a strong financial position, and evaluating the best approach to delivering long-term value for customers and shareholders,” said Timothy Dattels, Chairman of BlackBerry’s Special Committee of the Board. “Given the importance and strength of our technology, and the evolving industry and competitive landscape, we believe that now is the right time to explore strategic alternatives.”

Thorsten Heins, President and Chief Executive Officer of BlackBerry, added, “We continue to see compelling long-term opportunities for BlackBerry 10, we have exceptional technology that customers are embracing, we have a strong balance sheet and we are pleased with the progress that has been made in our transition. As the Special Committee focuses on exploring alternatives, we will be continuing with our strategy of reducing cost, driving efficiency and accelerating the deployment of BES 10, as well as driving adoption of BlackBerry 10 smartphones, launching the multi-platform BBM social messaging service, and pursuing mobile computing opportunities by leveraging the secure and reliable BlackBerry Global Data Network.”

JP Morgan Securities LLC is serving as financial advisor to BlackBerry and Skadden, Arps, Slate, Meagher & Flom LLP and Torys LLP are serving as legal advisors.

There can be no assurance that this exploration process will result in any transaction. The Company does not currently intend to disclose further developments with respect to this process, unless and until its Board of Directors approves a specific transaction or otherwise concludes the review of strategic alternatives.